A reliable modern aircraft would displace the Albacore

Would a better British Dauntless- or Devastator-like aircraft kill off the Fairey Albacore?

Yes; a reliable aircraft able to perform the role would replace an interim design that struggled even against its Swordfish predecessor.

The Albacore was intended as an interim improvement while Barracuda matured. Its Taurus engine and reliability problems undermined that replacement role, and Swordfish remained more dependable. A successful modern alternative designed around a stronger engine could perform the same mission without the Albacore's limitations. That would remove the reason to keep the interim type in frontline service. Fleet Air Arm aircrew's song praising the Swordfish's engine expresses that frustration with the Albacore's reliability.